Combine flaxseed meal and water in a cup and set aside.

Preheat oven to 350 degrees F (175 degrees C). Grease a fluted tube pan (such as Bundt®) and dust with flour.

Combine flour, sugar, cinnamon, baking powder, baking soda, and salt in a large bowl.

Combine bananas, oil, soy milk, and vanilla extract in a second bowl. Add flaxseed mixture and stir to combine. Fold in flour mixture in batches, but do not overmix. Fold in nuts and raisins. Fill batter into the prepared baking pan.

Bake in the preheated oven until a toothpick comes out clean, 40 to 50 minutes.